CEO of IMining, Khurram Shroff thinks that spreading the location of BTC mining operations is a positive thing for the rest of the world.
The Chinese government’s regulatory assault on cryptocurrencies has continued to alienate big mining companies.
In response to the many provincial prohibition announcements throughout China, according to reports, the Dubai-based investment firm IBC Group intends to shut down its Bitcoin (BTC) and Ether (ETH) mining operations in the nation by the end of 2018.
In addition to significant mining activities in China, the company has ambitions to expand its operations to the United Arab Emirates, Canada and the United States, as well as Kazakhstan and Iceland, as well as other South American nations, according to industry sources.
It was recently announced that the IBC Group’s headquarters will be relocating to Toronto, Canada.
According to Khurram Shroff, chairman and CEO of the IBC Group, the crypto crackdown is just a temporary nuisance.
The crackdown is primarily focused on cryptocurrency mining operations. He went on to say that the fact that mining operations are being located in a variety of locations is excellent news for the rest of the world:
“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”
Following the large-scale power disruptions that occurred in the Chinese mining centre of Xinjiang in mid-April, China turned its focus to the energy usage of the cryptocurrency mining sector.
This was followed by increased government oversight, which sent a tremor through the cryptocurrency markets at the time of writing.
Since then, however, experts in the industry have generally agreed that, although the first upheaval would be hard and challenging, the exodus of miners from China will help to further the decentralisation of cryptocurrency.
Mike Novogratz, CEO of Galaxy Digital, believes that the Bitcoin ecosystem will have a “significant net positive effect” in the long run, while former Gemini security engineer Brandon Arvanaghi believes that “the crackdown means that Bitcoin is working, not that it is failing.”
